Question

In an appearance on Shark Tank, the owner of a wedding runner company wanted to pursue a strategy of _____ and make her runners affordable to the public. The sharks suggested she should pursue a strategy of ______, focusing on quality and uniqueness.a. differentiation; cost leadershipb. unrelated diversification; related diversificationc. cost leadership; differentiationd. focused retrenchment; growthe. related diversification; unrelated diversification

Answer 1

Answer:

c. cost leadership; differentiation

Explanation:

Remember, we are told that the owner wants to make her runners affordable to the public, and we agree that affordability is only possible when there is cost leadership. Cost leadership strategy simply implies that the company's products/services are positioned to be the cheapest in comparison with other competitors.

To specifically focus on quality and uniqueness, the sharks were asking the owner to pursue the differentiation strategy. Differentiation strategy requires having features that set your product or service apart from others such as quality and uniqueness.